Deutsche Bank Cuts Price Target on Avnet (AVT)
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Price: $95.71 -0.29%
Rating Summary:
6 Buy, 7 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
6 Buy, 7 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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In light of Avnet’s (NYSE: AVT) negative preannouncement, Deutsche Bank maintained a Buy rating on the stock and cut its price target to $34.00 (from $40.00).
"AVT’s stock has significantly underperformed the markets and peer Arrow Electronics (NYSE: ARW) over the past 3 months, driven by concerns about the company’s Q," said analyst Sherri Scribner.
"Our checks have suggested that overall server sales have been weak, while storage sales have been stronger on a relative basis. While weakness in Europe is well known, we will be interested to see if other companies corroborate comments that the Americas has been the weakest region, as economic data suggests the U.S. is seeing some modest (very modest) growth," added Scribner.
She expects stocks to be range bound in the near term until the macro environment improves.
For an analyst ratings summary and ratings history on Avnet click here. For more ratings news on Avnet click here.
Shares of Avnet closed at $28.57 yesterday.
"AVT’s stock has significantly underperformed the markets and peer Arrow Electronics (NYSE: ARW) over the past 3 months, driven by concerns about the company’s Q," said analyst Sherri Scribner.
"Our checks have suggested that overall server sales have been weak, while storage sales have been stronger on a relative basis. While weakness in Europe is well known, we will be interested to see if other companies corroborate comments that the Americas has been the weakest region, as economic data suggests the U.S. is seeing some modest (very modest) growth," added Scribner.
She expects stocks to be range bound in the near term until the macro environment improves.
For an analyst ratings summary and ratings history on Avnet click here. For more ratings news on Avnet click here.
Shares of Avnet closed at $28.57 yesterday.
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